Foreign Exchange Bill passed in Parliament
Foreign Exchange Bill passed in Parliament 2017-07-25 The amended Foreign Exchange Bill was passed in Parliament with a majority of 78 votes.
Read More
Tax Payments & Returns due dates – December 2020
Tax payments & Returns due dates and tax types & payment period codes for the month of December 2020 are as follows: DECEMBER 15TH Advance Personal Income Tax (APIT) for the month of November 2020 is due on December 15, 2020 – Individual who has already given the consent to the employer (company) to deduct Advance Personal Income Tax…
IRD Notice on Taxpayer Registration, Income Tax Payments and Furnishing Return of Income for the Year of Assessment 2019/2020
IRD Notice on Taxpayer Registration, Income Tax Payments and Furnishing Return of Income for the Year of Assessment 2019/2020. In accordance with the amendments to the Inland Revenue Act, No. 24 of 2017 passed in Parliament on the May 4, 2021; Resident individuals whose employment income was subjected to PAYE prior to January 1, 2020…
Proposed amendments to taxation
Ernst & Young has published tax alert containing amendments to direct and indirect taxes as approved by the Cabinet of Ministers on 27 November 2019. The contents of this Alert, including our analysis, are based on the press briefing given by the Cabinet Spokesman subsequent to the Cabinet meeting. Income tax – Effective Date 1…
New Regulations made under Economic Service Charges Act, No. 13 of 2006
New Regulations made under Economic Service Charges Act, No. 13 of 2006 Download – English Download – Sinhala Download – Tamil
New amendments to NBT Law
NBT Bill was passed in Parliament on 23 October 2019 which is yet to be certified by the Hon. Speaker. 1.New Exemptions 1.1 Importation of any project related article by a BOI enterprise Importation of any project related article by an enterprise which has entered into an agreement with the BOI of Sri Lanka under section…
List of VAT Inactivated persons as at 20 January 2020
Department of Inland Revenue has published a list of VAT Registration inactivated persons as at 20.01.2020. Download List: PDF | Excel
Further clarifications on Transfer Pricing Information in Relation to the Return of Income Year of Assessment 2019/2020
Applicability of Transfer Pricing regulations due to the implementation of newly proposed changes of concessionary tax rates and / or tax exemptions. Download IRD Notice No. PN/TP/2020-02 | Dated: 25 November 2020
Record Keeping Regulations No. 1 of 2017 under the Value Added Tax Act
REGULATIONS made by the Minister of Finance under section 75 read with section 64 of the Value Added Tax Act, No. 14 of 2002. These regulations operate effective for the requirement of the sections, and the Regulations published in the Gazette Extraordinary No. 1024/8 of April 21, 1998 are hereby rescinded. Download – English Download…
Suspension of the Notice of Recovery of Tax out of Debts
Department of Inland Revenue has published notice by informing to all Commercial Banks under Section 180 of the Inland Revenue Act No.10 of 2006 and Section 44 of the Value Added Tax Act No.14 of 2002 to recover the taxes in default has been suspended until December 31, 2020. Therefore, the Banks are instructed to halt…
List of VAT Inactivated persons as at 30 January 2020
Department of Inland Revenue has published updated list of VAT Registration inactivated persons as at 30.01.2020. Download List: PDF | Excel
IRD Circular to Banks and Financial Institutions – WHT on Interest
Department of Inland Revenue has published a circular to Banks / Financial Institutions – Withholding Tax on Interest paid by Banks or other Financial Institutions Download Circular No. SEC/2019/04 [27 December 2019]
Tax Payments & Returns due dates in the month of July 2022
Tax payments & Returns due dates and tax types & payment period codes for the month of July 2022 are as follows: JULY 15TH Advance Personal Income Tax (APIT) for the month of June 2022 is due on July 15, 2022. Individual who has already given the consent to the employer (company) to deduct Advance Personal Income Tax (APIT)…